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Court Rejects Central African Republic’s Plan to Offer Citizenship for Crypto Investment: Report
The country wanted to offer citizenship and other benefits in exchange for investing $60,000 in its sango coin.
The high court of the Central African Republic (CAR) has denied the government’s plan to offer citizenship, land and valuable minerals to investors who purchase $60,000 of its government-supported cryptocurrency, the sango coin, saying that the proposal is unconstitutional, according to a report from Bloomberg.
- The court said that the offer of citizenship is unconstitutional “considering that nationality has no market value,” according to the report.
- A spokesman for President Faustin-Archange Touadera told Bloomberg that the government is now looking at other ways to offer land and citizenship to investors in the sango coin.
- CAR had been the first country in Africa, and the second in the world after El Salvador, to adopt bitcoin as legal tender.
- The impoverished African nation is trying to develop its economy by becoming a crypto hub for the region.
Read more: Bank of Central African States Urged to Introduce Common Digital Currency: Report
STORY CONTINUES BELOW
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
